[Latest] Global Tourism Market Size/Share Worth USD

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Austin, TX, USA, Feb. 01, 2024 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled Tourism Market Size, Trends and Insights By Travel Purpose (Leisure Tourism, Business Tourism, Medical Tourism, Cultural & Heritage Tourism, Others), By Travel Type (Solo, Group), By Geographic (Domestic Tourism, International Tourism), By Mode of Booking (OTA Platform, Direct Booking), By Age Group (Below 30 years, 30 to 41 Years, 42 to 49 Years, 50 Years & Above), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 in its research database.

“According to the latest research study, the demand of global Tourism Market size & share was valued at approximately USD 8,562.4 Billion in 2022 and is expected to reach USD 8,879.2 Billion in 2023 and is expected to reach a value of around USD 12,313.5 Billion by 2032, at a compound annual growth rate (CAGR) of about 3.7% during the forecast period 2023 to 2032.”

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Tourism Market: Growth Factors and Dynamics

  • Digital Transformation: The tourism market is undergoing a digital transformation, with online booking platforms, mobile apps, and virtual experiences driving growth. Enhanced connectivity and user-friendly technology contribute to a seamless and personalized traveler experience.
  • Rising Middle-Class Travelers: The growth of the middle class, particularly in emerging markets, fuels increased tourism. Rising disposable incomes enable more people to explore domestic and international destinations, driving demand for travel services, accommodations, and experiences.
  • Cultural and Experiential Tourism: There is a shift towards cultural and experiential tourism, with travelers seeking authentic, immersive experiences. This trend drives demand for unique destinations, local cuisine, and activities that provide a deeper connection with the culture and heritage of a place.
  • Sustainable Tourism Practices: Increasing awareness of environmental issues and sustainability concerns has led to a rise in eco-friendly and responsible tourism. Travelers prioritize destinations and businesses that adopt sustainable practices, influencing the industry to implement environmentally conscious initiatives.
  • Globalization and Accessibility: Improved transportation infrastructure and increased airline connectivity contribute to the globalization of tourism. Accessible travel options make it easier for people to explore diverse destinations, fostering cross-cultural interactions and expanding the overall tourism market.
  • Impact of External Factors: The tourism market is susceptible to external factors, including geopolitical events, natural disasters, and public health crises. These factors can significantly influence travel patterns, with sudden shifts in demand and disruptions affecting the overall dynamics of the tourism industry.
  • Innovations in Travel Technology: Continuous advancements in travel technology, such as virtual reality, augmented reality, and artificial intelligence, are shaping the tourism market. These innovations enhance the pre-travel planning experience, provide real-time assistance during travel, and contribute to more personalized and efficient customer service, influencing overall market growth.

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Tourism Market: Partnership and Acquisitions

  • In 2022, Exodus Travels Ltd. received the Sustainability Champion of the Year award at the 2022 Which? Awards. Recognized for green initiatives like rewilding 100 square meters per customer and a commitment to halve their carbon footprint by 2030, showcasing the company’s dedication to environmental responsibility and sustainability.
  • In 2021, G Adventures invested Reforest, a digital platform linking travelers with local communities engaged in reforestation efforts. This partnership allows travelers to contribute by planting trees in areas crucial for tourism, fostering sustainable practices and environmental conservation within the travel industry.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 8,879.2 Billion
Projected Market Size in 2032 USD 12,313.5 Billion
Market Size in 2022 USD 8,562.4 Billion
CAGR Growth Rate 3.7% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Travel Purpose, Travel Type, Geographic, Mode of Booking, Age Group and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Tourism report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
  • About 220+ Pages Research Report (Including Recent Research)
  • Provide detailed chapter-by-chapter guidance on the Request.
  • Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
  • Includes Tables and figures have been updated.
  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis 
  • Custom Market Insights (CMI) research methodology

(Please note that the sample of the Tourism report has been modified to include the COVID-19 impact study prior to delivery.)

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Tourism Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Tourism Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

  • Travel Restrictions and Border Closures: Stringent travel restrictions and border closures significantly reduced international tourism. Lockdowns, quarantine measures, and the suspension of flights disrupted travel plans, leading to a sharp decline in tourist arrivals globally.
  • Decline in Consumer Confidence: The pandemic instilled fear and uncertainty, causing a decline in consumer confidence in travel. Concerns about health and safety, coupled with economic uncertainties, led to cancellations and a reluctance to engage in travel-related activities.
  • Economic Downturn and Job Losses: The tourism sector faced a severe economic downturn, with businesses experiencing closures and job losses. Hospitality, transportation, and related industries suffered, impacting the livelihoods of millions of people dependent on tourism-related employment.
  • Vaccination Rollouts and Health Protocols: Global vaccination efforts and the implementation of robust health protocols have been crucial for the recovery. Countries and businesses that prioritize public health measures inspire traveler confidence and contribute to a gradual return to normalcy.
  • Digital Transformation and Contactless Services: The adoption of digital technologies for contactless services, including online bookings, e-tickets, and digital health passports, facilitates a safer and more efficient travel experience. Digital transformation enhances operational resilience and meets evolving consumer expectations.
  • Domestic Tourism Promotion: Many destinations are focusing on promoting domestic tourism as an initial recovery strategy. Governments and businesses are encouraging residents to explore local attractions, helping to revitalize the tourism sector while international travel remains restricted.
  • Collaboration and Industry Partnerships: Collaboration among stakeholders, including governments, travel agencies, airlines, and hospitality providers, is crucial for a coordinated recovery. Joint marketing efforts, shared resources, and standardized safety measures contribute to rebuilding trust and reinvigorating the tourism market.
  • Diversification of Tourism Offerings: To attract a wider audience, destinations are diversifying their tourism offerings. Emphasizing outdoor activities, cultural experiences, and sustainable tourism practices helps create unique and resilient tourism products that appeal to changing traveler preferences.
  • Flexible Booking Policies and Travel Insurance: The adoption of flexible booking policies by travel-related businesses, allowing for easy cancellations or rescheduling, has become a key recovery strategy. Additionally, the promotion and availability of travel insurance that covers unexpected disruptions, including health-related issues, provide travellers with a sense of security, encouraging them to plan and book trips with reduced financial risk.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Tourism Market, with some challenges and opportunities arising from the pandemic.

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Key questions answered in this report:

  • What is the size of the Tourism market and what is its expected growth rate?
  • What are the primary driving factors that push the Tourism market forward?
  • What are the Tourism Industry’s top companies?
  • What are the different categories that the Tourism Market caters to?
  • What will be the fastest-growing segment or region?
  • In the value chain, what role do essential players play?
  • What is the procedure for getting a free copy of the Tourism market sample report and company profiles?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2023−2032
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
  • Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Tourism Market – Regional Analysis

The Tourism Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

  • North America: North America sees a rise in experiential travel, with an emphasis on outdoor adventures and sustainable tourism. The region embraces technology for contactless travel experiences and explores wellness tourism, reflecting a growing interest in health-conscious travel choices.
  • Europe: Europe emphasizes cultural and historical exploration, promoting heritage tourism and preservation efforts. Sustainable travel gains traction, with eco-friendly accommodations and responsible tourism practices. Virtual reality and augmented reality technologies enhance the visitor experience at historical sites.
  • Asia-Pacific: Asia-Pacific experiences a surge in domestic tourism, with a focus on local and regional exploration. The region embraces technological innovations like AI-driven travel apps and smart tourism initiatives. Wellness and medical tourism have gained popularity, attracting international visitors seeking holistic health experiences.
  • LAMEA (Latin America, Middle East, and Africa): LAMEA showcases a rise in adventure and nature-based tourism, leveraging the region’s diverse landscapes. Cultural festivals and events attract travelers, while luxury travel experiences gain momentum. The region emphasizes sustainable tourism, with eco-lodges and conservation projects enhancing tourism offerings.

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Browse the full Tourism Market Size, Trends and Insights By Travel Purpose (Leisure Tourism, Business Tourism, Medical Tourism, Cultural & Heritage Tourism, Others), By Travel Type (Solo, Group), By Geographic (Domestic Tourism, International Tourism), By Mode of Booking (OTA Platform, Direct Booking), By Age Group (Below 30 years, 30 to 41 Years, 42 to 49 Years, 50 Years & Above), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 Report at 

List of the prominent players in the Tourism Market:

  • Expedia Group Inc.
  • Booking Holdings Inc.
  • Airbnb Inc.
  • com Group Limited
  • com International Ltd.
  • Marriott International Inc.
  • Accor S.A.
  • Hilton Worldwide Holdings Inc.
  • InterContinental Hotels Group PLC
  • The Priceline Group Inc.
  • Delta Air Lines Inc.
  • American Express Global Business Travel (GBT)
  • TUI Group
  • Wyndham Hotels & Resorts Inc.
  • Hyatt Hotels Corporation
  • Others

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Spectacular Deals

  • Comprehensive coverage
  • Maximum number of market tables and figures
  • The subscription-based option is offered.
  • Best price guarantee
  • Free 35% or 60 hours of customization.
  • Free post-sale service assistance.
  • 25% discount on your next purchase.
  • Service guarantees are available.
  • Personalized market brief by author.

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The Tourism Market is segmented as follows:

By Travel Purpose

  • Leisure Tourism
  • Business Tourism
  • Medical Tourism
  • Cultural & Heritage Tourism
  • Others

By Travel Type

By Geographic

  • Domestic Tourism
  • International Tourism

By Mode of Booking

  • OTA Platform
  • Direct Booking

By Age Group

  • Below 30 years
  • 30 to 41 Years
  • 42 to 49 Years
  • 50 Years & Above

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Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

This Tourism Market Research/Analysis Report Contains Answers to the following Questions.

  • Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Tourism Market? What are Their Company Profile, Product Information, and Contact Information?
  • What Was the Global Market Status of the Tourism Market? What Was the Capacity, Production Value, Cost and PROFIT of the Tourism Market?
  • What Is the Current Market Status of the Tourism Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Tourism Market by Considering Applications and Types?
  • What Are Projections of the Global Tourism Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
  • What Is Tourism Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is the Economic Impact On Tourism Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Tourism Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Tourism Industry?

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Reasons to Purchase Tourism Market Report

  • Tourism Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
  • Tourism Market report outlines market value (USD) data for each segment and sub-segment.
  • This report indicates the region and segment expected to witness the fastest growth and dominate the market.
  • Tourism Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
  • The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
  • Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
  • The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
  • Tourism Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

  • The study provides a thorough overview of the global Tourism market. Compare your performance to that of the market as a whole.
  • Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

  • Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Tourism market analysis.
  • The competitive environment of current and potential participants in the Tourism market is covered in the report, as well as those companies’ strategic product development ambitions.
  • According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
  • For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

  • Participants and stakeholders worldwide Tourism market should find this report useful. The research will be useful to all market participants in the Tourism industry.
  • Managers in the Tourism sector are interested in publishing up-to-date and projected data about the worldwide Tourism market.
  • Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Tourism products’ market trends.
  • Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans. 

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About Custom Market Insights:

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